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New York REIT sells NYC office property for $135M

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New York REIT sells NYC office property for $135M

New York REIT, which is in the process of liquidating and winding down, off-loaded an office property in Manhattan, N.Y., for a gross sales price of $135.0 million.

The 50 Varick St. property was part of the collateral for the company's $760 million cross-collateralized and secured loan.

New York REIT paid down $78.1 million of debt as required under the loan, and received net proceeds of roughly $49.1 million following debt settlement, pro-rations and closing costs.